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Jan 31, 2013
01/13
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obviously in the terms of provision of credit to the real economy. and i -- obviously, a large part of all of this is regulation and the speed that that's coming in and the extent that it affects the investment banks more than alltory banks. but if at the end of this process, as you say, all european banks follow the same strategy of being domestically focused retail banks with very little else outside of that, they're not going to be particularly profitable in the long run. >> that doesn't necessarily sound like a euro wide banking union, either. aside from the fact that deutsche has been up a little bit, santander is down and banks are generally weaker across the board. >> first of all, you obviously have capital levels. people are concerned whether the banks have enough capital. secondly, litigation risk and finally, default levels. there is so much focus on we need a banking union, we need unity and oversight. there are two key things missing at the moment, and first of all, that's for the ecb to have authority. there's no banking resolution in p
obviously in the terms of provision of credit to the real economy. and i -- obviously, a large part of all of this is regulation and the speed that that's coming in and the extent that it affects the investment banks more than alltory banks. but if at the end of this process, as you say, all european banks follow the same strategy of being domestically focused retail banks with very little else outside of that, they're not going to be particularly profitable in the long run. >> that...
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Feb 4, 2013
02/13
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economy. >>> after that, of course, the super bowl wasn't just one of the on biggest sporting events of the year, it was one of the biggest days of the year for madison avenue. we'll take a look at which ads were touchdowns and were ads were fumbles. >> mariana rajoy meets angela merkel. >>> plus, upcoming elections that sylvia berlusconi has called his last great electoral and political battle. >>> the power to split up uk banks if they fail to -- activity. george osborne is expected to give the bank of england the responsibility to make sure banks are involved in these activities. you have to love the extended analogy. watch the george osborne speech live here at 10:30 local for those of you here with us in the uk. in the meantime, there are more charges at the top over at barclay's. last night, the bank's financial chief and financial chief announced their leaving. tomorrow, barclay's ceo anthony jenkins will face questions in parliament over banking standards and next week he will present
economy. >>> after that, of course, the super bowl wasn't just one of the on biggest sporting events of the year, it was one of the biggest days of the year for madison avenue. we'll take a look at which ads were touchdowns and were ads were fumbles. >> mariana rajoy meets angela merkel. >>> plus, upcoming elections that sylvia berlusconi has called his last great electoral and political battle. >>> the power to split up uk banks if they fail to -- activity....
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Feb 1, 2013
02/13
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economy appears to be growing around 1.5%. the labor markets are lagging indicators, so we shouldn't expect any acceleration in job growth yet. my own forecast is for 150,000. >> if that continues, bearing in mind what we heard from the gdp reported, and then we have that classic defense spending, what's your own thoughts about where we'll be with that sort of job growth and fed policy at the end of the year? >> i don't think that's the kind of job growth the fed is looking for. in fact, they have promised to continue quantitative easing until they see substantial improvement in the labor market. and since the labor market is a lagging indicator, as chairman bernanke has pointed out, we need to first get above trend gdp growth, which in their mind is around 2.5%. so we haven't seen anything in the data yet that suggests that job growth is about to pick up to an area that is satisfying to the fed. so we think they're going to be expanding their balance sheet at roughly the same pace all year, perhaps they'll be able to taper ba
economy appears to be growing around 1.5%. the labor markets are lagging indicators, so we shouldn't expect any acceleration in job growth yet. my own forecast is for 150,000. >> if that continues, bearing in mind what we heard from the gdp reported, and then we have that classic defense spending, what's your own thoughts about where we'll be with that sort of job growth and fed policy at the end of the year? >> i don't think that's the kind of job growth the fed is looking for. in...
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Feb 6, 2013
02/13
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what the japanese economy does. and we've got the g20 next week. i think yen will be a topic of discussion though they won't focus too much on it in the final communique. then rbc will be heading -- abe will be heading to washington soon. from japan's point of view, trying to get away with as much as possible and see what happens next. i wouldn't rule out 100 over the next three months or so. after that, i think it gets really tricky on the political front. >> jeffrey, do you mind pivoting to talk about the australian dollar for just a second? we are seeing weakening this morning. disappointing retail sales. people talking about a rate cut. is it going below $1? >> well, i think right now a lot depends on how the international reserve management community and also how asset managers view. this we've seen a passive bid for the australian dollar, probably in the 102, 104 level, all throughout the last three to six months. people less concerned it the australian economy. they want a q.e. hedge. they want commodity expo
what the japanese economy does. and we've got the g20 next week. i think yen will be a topic of discussion though they won't focus too much on it in the final communique. then rbc will be heading -- abe will be heading to washington soon. from japan's point of view, trying to get away with as much as possible and see what happens next. i wouldn't rule out 100 over the next three months or so. after that, i think it gets really tricky on the political front. >> jeffrey, do you mind...
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Jan 30, 2013
01/13
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money goes straight to the real economy. because you miss out on the money multiplier, you have to do so much of it. that's why the central bank balance sheets have ballooned. >> the fed will wrap up its two-day policy meeting with a decision due at 2:15 eastern. the fomc will stay the course, renewing its pledge to keep rates at historic lows until unemployment drops and maintaining its bond buying at $85 billion a month. there are new voters on the panel at this meeting. kansas city fed president esser george is viewed as a hawk. and boston will lead in thresholds, seeing the fed go even further. the u.s. economy likely grew at the lowest pace in nearly two years during the fourth quarter. that's according to estimates for the advanced gdp report. that's also due today around 8:30 a.m. eastern. reuters' analysts expect gdp to grow 1.1% annually. that can't be right. down sharply from 3.1% growth in the third quarter. the reason i wonder if the estimates are the latest is that after the stretch of data from the past week, s
money goes straight to the real economy. because you miss out on the money multiplier, you have to do so much of it. that's why the central bank balance sheets have ballooned. >> the fed will wrap up its two-day policy meeting with a decision due at 2:15 eastern. the fomc will stay the course, renewing its pledge to keep rates at historic lows until unemployment drops and maintaining its bond buying at $85 billion a month. there are new voters on the panel at this meeting. kansas city fed...